Pawlenty on Dodd-Frank and 'Volcker Rule' Changes

12/18/2012 3:47PM

Now the head of the Financial Services Roundtable, former Minnestoa Gov. Tim Pawlenty talks about the Dodd-Frank law governing the banking sector and the tweaks to the Volcker Rule his members want to see.

This transcript has been automatically generated and may not be 100% accurate.

... I ... what started out ... what the changes ... would you like to see made in how unrealistic or the prospects of changing ... in ... you ... well there's a number of things that are need to be I think we find our members are wise enough to know that Dodd Frank is here to stay in ... obviously repealing a downgrade is not something that the view is pragmatic are realistic in the near term but there are some refinements that would help in a big reason people look at ... things and say look we all agree ... that we should use depositor money ... for trading for speculation ... I didn't eat any deal to have some safeguards around that but when you define what speculation is let's do so in a manner that's clear and specific ... so there's not ... Gecina wore ... a lack of activity in an area ... of because of ... lack of clarity of the rules a lot of it is just making sure are urging ... regulators to write rules that are clear and practical ... and are protective of consumers and ... the role of these institutions plane the kind that don't go so far ... as to cite stifle suffocate when the new capital formation and the one kept in you're talking mostly about the issues of rule making process or for that legislative issues one c ... to ten Q Wells some of both you know for example in a big in some of these are perhaps more intermediate or long term than right away that for example the Volcker rule in clarifying what we mean by that will grow what is the precise definition speculation ... if you're buying for example a ... corporate bonds that are safe and relatively cautious investment if you hedge against ... risk animals corporate bonds is that they can be viewed as ... speculation and one how's that going to be defined ... in on down the road so that's just one example of many of the need for clarity and certainty ... and pragmatism so that we are both protected but also pragmatic about ... the need to make sure that these institutions can continue to play a vital role to play me ...